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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | October 11, 2017 - 2:22 pm

A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today’s Market Wrap.

Eurodollar Dec Contract (EC, ETF: (FXE, UUP))
Gaping up again Wednesday filled another gap outstanding from the decline at 1.1900. The corrective bounce has room up to 1.1970, while still being likely for its resolution to break sharply under 1.1760.

Gold Dec Contract (GC, ETF: (GLD))
Wednesday morning’s narrow ranging around unchanged doesn’t in itself undermine the upside momentum, while keeping the pattern within the orbit of its 1277.50-1280.50 pullback objective. The afternoon’s dip to 1288.00 makes the pullback objective likely to be tested soon, if at all.

Silver Dec Contract (SI, ETF: (SLV))
Narrow ranging Wednesday morning tried holding the 17.11 support whose break would start to signal a corrective dip underway. Still fluctuating around it at the close did open the door to extending down.

30-year Treasury Dec Contract (US, ETF: (TLT))
Overnight weakness stopped short again of testing the 151-18 pullback potential. Wednesday’s open firmed to resume ranging around the 152-20 resistance that would at least challenge 153-14 where a bottom could be sealed.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Extending higher overnight to test 51.40 was nevertheless retraced to continue testing 49.75 as support Wednesday morning. Recovering into the close does all but require Thursday to extend the rally.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Gapping up above the 2.89 buy signal Wednesday fluctuated between 2.93-2.96 through the morning. But the close dipped back under 2.89, all but ensuring a that the gap back down to Tuesday’s 2.83 close would be filled.

Posted in Bigger Picture, Daily Spot, members-only